Museum Plaza Delayed Indefinitely

The subprime mortgage crisis has raised interest rates for bonds and construction loans too high for Museum Plaza’s developers. Now, they’re prepared to wait as long as it takes for those rates to drop.

The $490 million project has been on hold since January, when construction problems forced developers to find a new way to install the tower’s foundation.

Developer Craig Greenberg says the construction snag and the financing delay are not related.

“The financing was not in place in January when some of that work had started. That was being funded by developer investments,” says Greenberg.

Greenberg vows that construction of Museum Plaza will resume once the market improves.